Bankruptcy Question... And Lack of Internet Privacy

Discussion in '401k, IRA and Retirement' started by Kate, Jul 11, 2014.

  1. Kate

    Kate Senior Investor

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    Hope this is the right place to post... it says "and anything else financial" so I guess it is. :D Anyhow, I saw something online this morning that once again hit home about the total lack of privacy with the way the Internet is.

    A very dear friend I've had for a long time filed for bankruptcy three years ago. She never said a *word* to us about financial difficulties, but there it was on the Internet for all the world to see and crush what she tried to keep private for a bit of dignity apparently.

    But that aside, I saw that it said the case was "discharged" three months later... and I know nothing about bankruptcy filing, so I thought it meant they didn't grant it. But if my research this morning is accurate, it actually means that they DID grant it, and "discharged" means that creditors could no longer badger her at that point... is that correct?

    My friend lives in another state now, so it was impossible to physically see that something wasn't right. I'm very sad that I found out on the 'Net, though, and quite by accident while checking real estate prices in her area. It totally removed my natural response to say "I'll send a check"... and I can't help *now* because it was supposed to be kept private.
     
  2. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Yeah, discharged means the creditors are prohibited from taking further action. The "fresh start" for the debtor.

    An interesting factoid - Richard Kinder - who founded Kinder Morgan Pipelines and is now worth ~ $10 billion - once filed personal bankruptcy.

    http://en.wikipedia.org/wiki/Richard_Kinder
     
  3. Kate

    Kate Senior Investor

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    That *is* interesting! Still just 69 years old and the 41st richest American citizen. Impressive. :D

    Well I'll tell ya, I'm all for fresh starts, and I'm thrilled my friend was given one, but it feels so invasive that I (or anyone) should have been able to find out about it online. I know we can't go backwards with technology now, but with some things, that feels like a huge shame.
     
  4. JR Ewing

    JR Ewing Super Moderator Staff Member

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    It's a public record - just like mortgages, marriages, liens and judgements, etc.

    Used to be you'd have to go to whatever local courthouse it would be filed at to find such info. But with the internets these days, it's available to anyone anywhere with a connection.
     
  5. dianethare

    dianethare Senior Investor

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    So privacy has been thrown into the archaic ages....all thanks to technology...Kate, i hope you assumed the matter and never brought it up over a cup of coffee, me being the inquisitive one, i know i 'd have unleashed a huge elephant in the room :(
     
  6. Kate

    Kate Senior Investor

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    :cool: No worries there, Diane... I feel so embarrassed for her being so exposed with her business all over the 'Net that I'd never bring it up... over a cup of coffee or any other way.
     
  7. jondjacob

    jondjacob Well-Known Member

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    Though I too am saddened by how fast bad news can travel nowadays, from it being public record, anyone could have dredged this up if they wanted to know.

    I think the biggest thing to understand is that all of the data aggregating platforms that we love to look at are the ones that are creating the soup of personal information available online. Perhaps it is time to have another look at what is allowed into public record offline and public record online.
     
  8. thestoryteller1

    thestoryteller1 Member

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    On one hand, I think it's a very bad thing that society makes us feel like we shouldn't share when we are going through something big. Perhaps if your friends have an idea that you are in trouble someone might help a little bit. But then again, I also don't think that it should be public record. Is it really so, that you can see bankruptcy of people without a problem? How? I don't like that idea. Is there a way to seal such information? I have never been through anything such, but if I ever had to, I wouldn't want the whole world knowing about it.
     
  9. Kate

    Kate Senior Investor

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    I'm afraid so... it's all there. All I was doing was checking out the real estate market in my friend's city/state and there it was in one of the Google hits, not even looking for it. :(

    It's not only that, either... I saw some places that SELL bankruptcy lists so that the people or businesses can be contacted. There's just something so wrong with this lack of privacy on the Internet.

    Sure some things *should* be public record... as one example, the police department list of child molesters so we can check our towns and surrounding areas for the perverts. But some things are on a completely different level and should be private.
     
  10. Muthoni

    Muthoni Guest

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    The rule of thumb when it comes to the internet is to post information that can be viewed by anyone. There is absolutely no privacy when it comes to the internet. It is free for all; so sorry to hear about your friend.
     

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